New foundation created from Fidelis Care sale

Tue, May 8th 2018 11:00 am

Cardinal Timothy Dolan and the
Catholic Diocesan Bishops of New York State announced today the formation of
the Mother Cabrini Health Foundation, which at $3.2 billion will be one of the
largest in the United States, and the largest focused solely on New York
State. The foundation will provide up to $150 million annually in grants
to serve New Yorkers in need and will be steered by a board of health experts,
business leaders and philanthropists chaired by Al Kelly, CEO of Visa.

The foundation is named after Sister
Frances Xavier Cabrini, known as Mother Cabrini, a tireless advocate for
immigrants and children and the founder of the Institute of the Missionary
Sisters of the Sacred Heart of Jesus. Building upon Mother Cabrini's
historic legacy the foundation will improve the health and well-being of poor
and underserved New Yorkers across all parts of the state, regardless of
background, including immigrant and other marginalized communities.

"The Mother Cabrini Health
Foundation, born of our Catholic tradition of healing for the sick and caring
for the poor, will provide assistance to needy New Yorkers of every color,
every religion and every background," said Cardinal Timothy Dolan,
Archbishop of New York. "Named for Frances Cabrini, the 'Patroness of
Immigrants,' and chaired by prominent New York businessman and philanthropic
leader Al Kelly, the foundation will seek to transform the lives of underserved
New Yorkers from all corners of the state and set a national model for
addressing the health and wellness needs of low-income communities."

"It is a tremendous honor to
chair the inaugural board of the Mother Cabrini Health Foundation, which will
be a powerful force for good in New York and a model for other states to
emulate," said Al Kelly, board chair of the Mother Cabrini Health
Foundation. "This is an historic opportunity to transform the lives of New
York's poor, neediest and most vulnerable."

"This foundation presents a
once-in-a-generation opportunity to change the trajectory for a broad and
diverse group of New Yorkers," said Kathryn Connerton, chair of the Care
Compass Network and President & CEO of Lourdes Hospital in Binghamton and a
newly-named board member. "It's a true privilege to serve on the inaugural
board as we work to address pressing healthcare disparities statewide."

"Low-income New Yorkers often
find it hard to maintain their health," said Laura L. Forese, MD,
Executive Vice President and Chief Operating Officer of NewYork-Presbyterian
and a newly-named board member. "With partners like the Mother Cabrini
Health Foundation helping to combat the social factors that perpetuate health
disparities, New York's healthcare community will be able to take these
problems head on."

"Today marks the start of a
brighter future for millions of New Yorkers who will benefit from the creation
of the Mother Cabrini Health Foundation," said Kevin Ryan, President and
Chief Executive Officer of Covenant House and newly-named board member.
"With up to $150 million in annual grant-funding, non-profits across the
state will be able to build on successful programs to empower seniors,
immigrants, youth and those in the grips of drug addiction to truly live their
best lives."

"The Mother Cabrini Health
Foundation will provide the critical funding we need to expand. Hundreds of
organizations like mine across the state will be able to quickly and
effectively scale up their operations to serve thousands more people in need,
in communities that too often lack the resources and support residents need to
thrive," said Jenn Hyde, Executive Director of Catholic Charities
Tri-County Services,based in Rensselaer.

"Today, nearly 1.7 million New
Yorkers live in poverty. They rely on help from an increasingly strapped
nonprofit community in order to survive," said George McDonald, Founder
and President of the Doe Fund. "This new foundation is a critical
addition to New York City; it will help those of us working hard every day to
combat poverty do it better and at a larger scale."

The foundation will result from the sale of assets from Fidelis Care to
Centene Corporation. The transaction has been approved by the New York
Department of Health and the New York Department of Financial Services and is
awaiting approval by the New York Attorney General.